South Korean firm brings crypto payment platform to 400,000 retailers

South Korean firm brings crypto payment platform to 400,000 retailers

South Korea is at the forefront of cryptocurrency adoption, paving the way for digital currencies to be used as a legitimate alternative to fiat. This may have some global regulators worried, but progress can’t be stopped and the conversion from physical to digital cash continues. As an example of South Korea’s acceptance of the future, a crypto payments solution, Hupayx, has now rolled out its real-time payments platform to over 400,000 retailers.

The solution was made possible through a partnership with KIS Information Communications, the second-largest merchant-based entity in the country. In only the capital city of Seoul, Hupayx can now offer crypto payments to more than 420,000 locations, including duty-free stores, tourist shopping districts and more. KIS has over 2 million payment service app users and is a subsidiary of NICE Group, a financial-services company.

According to a press release from the company, it hopes to have partnerships with more than one million stores between now and the first quarter of next year. It currently offers the Hupay wallet and merchant point-of-sale (POS) platform, both of which are available for download as beta applications on Google Play — an iOS version will come later.

The company adds, “We believe that some of the key partnerships we did [reflect] not only on HUPAYX potential, but also in trust and technological advantage we possess over our competitors.”

Hupayx is also teaming up with LG. It has signed an agreement with LG U+ to have its POS introduced through the LG U+ network and has the potential to reach more than 15 million LG members across the country and beyond. Hupayx explains, “Last year, LG U+ [joined] with global partners in Japan, Taiwan and the United States to offer subscribers a blockchain-based overseas payment service. The partnership comprised of Taiwan-based Far EasTone Telecommunications and Japan-based SoftBank for the new service. U.S.-based TBCASoft is to provide their blockchain platform.”

The company isn’t stopping there, though. It reportedly has already launched a plan to launch blockchain-based crypto businesses through a project that is backed by several local governments in South Korea. Backed by governments, partnered with LG and accessible to over 400,000 merchants — it seems to be the perfect recipe for massive crypto adoption.

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